29/03/2024

The Balkans: On the Path to the EU, with Lessons from Portugal’s Real Estate Boom

The Balkans, a region steeped in history and culture, faces a significant challenge: declining populations due to emigration. Many young people are seeking opportunities abroad, leaving a demographic void that threatens the region’s future. However, there is a glimmer of hope. The European Union’s (EU) discussions on membership for the Western Balkans offer a path towards a brighter future.

EU membership would bring a number of benefits to the Balkans, including increased economic integration, political stability, and access to essential funds. It would also create new opportunities for young people, potentially stemming the tide of emigration.

Learning from Portugal’s Success

While the road to EU membership is long and winding, there are valuable lessons to be learned from other countries that have successfully navigated this process. Portugal, for instance, provides a compelling example. In the decades following its accession to the EU in 1986, Portugal witnessed a remarkable transformation. Its economy grew steadily, and the country became a magnet for foreign investment. This growth was particularly evident in the real estate sector.

Portugal’s golden visa program, which grants residency rights to foreign investors, has been a resounding success. It has attracted billions of euros in investment and revitalized many urban areas. How do they attract foreigners to buy property in Portugal and how can the Balkans learn from such insights?

The Balkans’ Path Forward

The Balkans can learn a great deal from Portugal’s experience. By creating a more attractive investment climate, fostering innovation, and investing in infrastructure, the region can position itself to benefit from EU membership. A thriving real estate market, similar to what Portugal has achieved, could be a key driver of economic growth and job creation.

The decision to join the EU is ultimately up to the people of the Balkans. However, the potential benefits are undeniable. By embracing reforms, promoting regional cooperation, and learning from the success stories of other countries, the Balkans can take its rightful place within the European Union.